Legal Question in Real Estate Law in New York

Hello,

I recently moved into my girlfriend's Manhattan apartment and took one of her roommates spots. We originally intended to break the lease and re-sign with me on it in replace of her roommate, but the landlord wanted us to re-sign for a whole year rather than the remainder of the lease. We then asked if I could instead sub-let the apartment and he agreed, but wanted no involvement with the process.

I told my girlfriends roommate to draft up a Sublease agreement and then we could put my security deposit in an escrow account. She wants to instead have me write her a check for the security and draft up a Promissory Note stating she will return my money once she receives her deposit back from the landlord.

This makes me a little uneasy because I did not think Promissory Notes were typical for this type of arrangement. Even with a legally binding agreement, I also have no idea if she will actually return my money when the lease is up without me having to bring her to court.

Is this risky? Should I be concerned?


Asked on 8/10/12, 3:47 pm

1 Answer from Attorneys
Carol Ryder Law Office of Carol Ryder PC

This arrangement also makes me uneasy from your end, although I understand she wants to get money in her pocket now and move on. Then again, you got her out of a legal obligation and maybe she should understand that she is on the hook legally for the remainder of the lease and this is the only way to get her out of it (waiting for her security deposit when it is time). She is still getting the protection of security deposit money but just cannot put it in her wallet just yet but it is out there. I hope people realize that "collectability" is an issue in every single lawsuit. So, you could shlep into Small Claims Court over and over and actually receive a judgment. However, it is just a piece of paper. If the person is a W-2 worker, has bank accounts that actually have anything in them, and/ or OWNS a vehicle, the Sheriff can seize them. However, people who regularly rip people off know "the system". You go file the judgment and you are one of 100-good luck ever seeing a dime. Even if you file a lien against real estate, again, usually, these people are way underwater, having stripped every dime of equity and then some. So, do whatever you can in life to avoid having to go that route.

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Answered on 8/11/12, 9:43 am


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